Altium Securities downgrades its recommendation on restaurant group Carluccio’s from a “buy” to a “hold” ahead of today’s trading update. Blames valuation for the decision. Calculates the shares trade on a multiple of 16.2 times earnings, and says currently its rival the Restaurant Group offers better value.
Charles Stanley has downgraded its stance on Connaught from “buy” to “sell” citing developments following the group’s decision to restructure. Notes the CEO has departed, the shares have fallen sharply, a major contract is under an injunction and the outlook for public spending has deteriorated further. Sees better value elsewhere.
Healthcare Locums has been handed a “sell” recommendation by Seymour Pierce after the broker expressed concerns about credibility issues. Seymour Pierce says given the sharp share price fall in recent days, the damage done to the company's reputation will take some time to heal, keeping share price growth in check.